Phase I: Preparation of Feasibility Report
It is very crucial to search, assess and verify all the relevant documents [related to the plot ownership, plot owner’s legal history, actual plot area, plot Floor Space Index (F.S.I.) status, etc.]. This will give us a realistic vision/view/probability and the actual viability of the project with reference to the existing society premises redevelopment.
The scope will be:
Collection of all the documents available with the society, [if not available, the same can be procured from the relevant departments by paying prescribed fees and extra charges by society] which are required to assess the project economics and thereby understand the project Feasibility.
The documents lists are as follows:
- 7/12 Extract of the plot.
- Index II of the plot.
- Latest C.T. Survey plan of the plot.
- Latest plot’s Property Registration Card.
- Latest Development Planning [D.P.] Remarks for the plot.
- Latest Town Planning [T.P.] remark of the plot, if the plot is under Town Planning Scheme.
- Latest Traffic Remarks.
- Existing B.M.C. approved plan showing F.S.I. calculations.
- Actual Survey of the Plot.
- Actual Physical Areas of the Flats.
- Registered Conveyance deed in the Society’s name.
Detail study of the above-mentioned documents in relation with the latest Development Control [D.C.] Rules, will enable us to evaluate the project keeping in view the expectations of the members and future development; it will help us to determine the probability and the viability of the proposed development project.
The findings of the assessment will be incorporated in the form of Project Feasibility Report that will guide us about the rationality and the financial potential and prospect of the project.
The Project Feasibility Report will give us indication about the budget and thereby representing the actual funds required for the execution of the redevelopment and thereby indicating towards the potential of the project; it will be pointer as regards the prospect of the project and based on the same we can infer on the benefits that the society will be able to get pleasure of.
The Feasibility Report will consist:
- Type of the project viability viz-a-viz premium residential property / commercial cum residential property / commercial property.
- The Additional area that the members can expect in lieu of the Redevelopment.
- The Corpus Fund to be provided to take care of the increased maintenance.
- The approximate Expenditure on the project taking into consideration the total construction cost for the project, T.D.R., Premiums, Fungible Premiums, the shifting / transit charges, the licensing, professional and approval charges for the project etc.
- The approximate Profit in the project, thereby knowing the percentage of returns in the project.
- Funds requirement for project from the banks & society for self redevelopment.
- To educate members about self-redevelopment Project and the Feasibility Report in the Special General Body Meeting [S.G.M.].
- To take the approval of Feasibility Report in the S.G.M.
